Bharti AXA-ICICI Lombard Deal Got IRDAI's Final Approval

IRDAI granted final approval for the demerger of the general insurance business of Bharti AXA General Insurance from Bharti AXA. Post Demerger, Bharti AXA General insurance business will be transferred to ICICI Lombard General Insurance by way of a scheme of arrangement. IRDAI has also granted approval to ICICI Bank for bringing down its stake in ICICI Lombard to 30% from currently 52%.